Fondapi, the occupational plan for employees of small and midsize companies in Italy, is looking for two global equity managers, said Mauro Bichelli, director at the €700 million ($827 million) plan, Rome.
Fondo Nazionale Pensione complementare per i lavoratori delle piccole e medie imprese, known as Fondapi, will hire one active manager to run €95 million and one passive manager, which will manage €70 million. Both contracts will last five years.
Before launching the tender, Fondapi hired index provicer ECPI Global to define the benchmark for these allocations. "The benchmark has an environmental social and governance focus," said Mr. Bichelli. "The selected managers will not be able to invest in a number of equities because they received a low score in our universe," he added.
Fondapi is accepting submissions until Nov. 17 via its website. "The board will make a decision by February and the contract will start in May next year," Mr Bichelli added.